Steel firm sees bottom line nosedive
The ongoing impact of the covid-19 pandemic and jump in steel prices saw profit at steelwork contractor Billington slip by close to 90% last year.
The AIM-listed firm said pre-tax profit nosedived from 拢1.7m to just 拢200,000 鈥� a fall of 88% 鈥� on revenue up a quarter to just under 拢83m.
It said its numbers were hit by the continuing effects of the pandemic, raw material price increases, along with supply constraints for certain materials and labour.
Billington said it would take a 拢1.1m charge after the firm said a client it was working for went into administration earlier this year. It added: 鈥淭he Company has taken the decision to provide for the debt owed while continuing to seek recovery of the monies.鈥�
It also said it had repaid a deferred VAT liability of 拢671,000 under the coronavirus deferral scheme. The amount of cash at the year-end was 拢10.4m, down one third from the previous year.
No comments yet